ETF
Split Could Set Straight Two Direxion ETFs
The combination of market volatility and the methodology of Direxion Shares Daily Financial Bull(FAS) ETF and Direxion Shares Daily Financial Bear(FAZ) has eroded the per-share value of these ETFs, prompting the issuer to notify investors of reverse splits planned for July 8.
The low price of FAZ and FAS, approximately $5 and $8 respectively, has caused a surge of volume in the funds in recent months as investors require more shares to meet intraday hedging objectives. The pending reverse split of the shares should lower transaction fees for frequent investors while discouraging investors who should avoid the funds in the first place.
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| Dow Jones | S&P 500 | NASDAQ | 10-Year Note |
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| 12,393.45 | 1,310.33 | 2,827.34 | 15.81 |
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